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Methodology

Fortune’s list of unicorn startups is ranked by valuation. (Where there are ties, rankings are based on alphabetical order.) The list is based on a combination of data from PitchBook, CB Insights, news reports, and our own investigation. Be forewarned: The valuations of these companies are in constant flux, and the list you see below may not necessarily reflect the most recent estimates.

—Andrew Nusca

» The list was last updated on January 19, 2016.

They’re called “unicorns”—private companies valued at $1 billion or more. The billion-dollar technology startup was once the stuff of myth. Today they're seemingly everywhere, backed by a bull market and a new generation of disruptive technology.